Apple (AAPL) falls on China woes as stocks slide

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  • November 28, 2022

Here is what you need to know on Monday, November 28:

Equity markets are lower this morning on fears over growing protests in China. The news has already hit Apple and it is down circa 2% in the premarket. Oil price also has seen a notable retracement again on fears over Chinese demand. That sent Oil hurtling toward support just above $73 and then the United States claims to refill the SPR at $70. The US Dollar caught a bid in Asia but once Europe opened it was again under pressure. The move looked technical with no new developments and may just have been an attempt by market makers to smoke out some positions. Gold price remains a touch lower but just above key support at $1,733. Bitcoin price is lower at $16,200.

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European markets are lower, Dax -0.7%, FTSE -0.2%, and Eurostoxx -0.5%.

US futures also lower Dow -0.4%, Nasdaq -0.2%, and Dow -0.2%.

Wall Street top news

Reuters headlines

Cyber Monday set for record sales of $11.2 billion as shoppers wait for discounts

Pinduoduo Inc (PDD): The company beat Wall Street estimates for third-quarter revenue.

Albertsons Companies Inc (ACI) Kroger Co (KR): Kroger CEO Rodney McMullen and Albertsons’ top executive, Vivek Sankaran, will face questions this week on plans for the two giant grocery companies to merge in a $25 billion deal, Senator Amy Klobuchar’s office said in a statement.

Credit Suisse Group AG (CS) The head of the lender’s Swiss unit said “some customers have withdrawn some of their money, but very few have actually closed their accounts.”

Philip Morris International Inc (PM) The Marlboro maker said it now owned a big enough stake in Swedish Match to initiate a compulsory redemption of remaining shares in its Swedish peer and would take it off the stock market.

Other news

Taboola (TBLA) announces agreement with Yahoo.

Apple (AAPL) falsl on Foxconn problems.

Upgrades and downgrades

Source: WSJ.com

Economic releases